区块链投票对数怎么算,区块链投票对数是什么

㈠ The purpose of using Ethereum blockchain technology for voting in the city of Moscow

The first real milestone should be a local election, The ultimate goal is national elections.

At a time when people’s trust in government institutions in Western countries is declining at an alarming rate, the Russian government under Putin is taking steps to try to strengthen people’s trust in its systems.

Russia’s democratic system has a long history, but the legacy of corruption left over from the collapse of the Soviet Union and subsequent plunder from the Western world during the Yeltsin years are still a big problem.

Russia’s launch of this system coincided with “U.S. Special Counsel Mueller formally filed charges against 13 Russians and 3 Russian entities for interfering in the 2016 U.S. presidential election, causing a global sensation.” when. To anti-democratic forces, the incident made Mueller look even more like an exploitable fool.

While the bosses in Washington are still dissatisfied and complaining about the election results they do not like, Russia is moving to ensure that one of Joseph Stalin's most often quoted maxims-"The vote People decide nothing, those who count votes decide everything” does not apply to Russia.

㈡ In-depth understanding of the consensus mechanism and algorithm principles of the blockchain

The so-called "consensus mechanism" is to complete the verification of transactions in a very short time through the voting of special nodes and confirmation; for a transaction, if several nodes with unrelated interests can reach a consensus, we can think that the entire network can also reach a consensus on it. To put it more simply, if a Chinese Weibo influencer, a virtual currency player in the United States, an African student and a European traveler do not know each other, but they all agree that you are a good person, then it can basically be concluded that You're not a bad person.

In order for the entire blockchain network node to maintain the same data and ensure the fairness of each participant, all participants in the entire system must have a unified agreement, which is what we have here The consensus algorithm to be used. All Bitcoin nodes follow unified protocol specifications. The protocol specification (consensus algorithm) consists of relevant consensus rules, which can be divided into two major cores: proof of work and the longest chain mechanism. The ultimate expression of all rules (consensus) is the longest chain of Bitcoin. The purpose of the consensus algorithm is to ensure that Bitcoin continues to operate on the longest chain, thereby ensuring the consistency and reliability of the entire accounting system.

Users in the blockchain do not need to consider the credit of the other party when conducting transactions, do not need to trust the other party, and do not need a trusted intermediary or central agency. They only need to follow the blockchain protocol. Realize the transaction. The premise for smooth transactions without the need for a trusted third-party intermediary is the consensus mechanism of the blockchain, that is, in a market environment of mutual understanding and trust, each node participating in the transaction considers its own interests and does not violate any regulations. The motivation and behavior of cheating, so each node willActively and consciously abide by the preset rules to judge the authenticity and reliability of each transaction, and write the records that pass the inspection into the blockchain. The interests of each node are different, and logically there is no incentive for them to collude to deceive. This is especially obvious when some nodes in the network have public reputation. Blockchain technology uses a consensus algorithm based on mathematical principles to establish a "trust" network between nodes, and uses technical means to achieve an innovative credit network.

At present, the mainstream consensus algorithm mechanisms in the district industry include: workload proof mechanism, equity proof mechanism, share authorization proof mechanism and Pool verification pool.

The workload proof mechanism is the proof of workload, which is a requirement that must be met when generating a new transaction information (i.e. a new block) to be added to the blockchain. In a blockchain network built based on the proof-of-work mechanism, nodes compete for accounting rights by calculating the numerical solution of random hashing. The ability to obtain the correct numerical solution to generate blocks is a specific manifestation of the node's computing power. The proof-of-work mechanism has the advantage of being completely decentralized. In a blockchain with a proof-of-work mechanism as the consensus, nodes can enter and exit freely. The well-known Bitcoin network uses a proof-of-work mechanism to produce new currencies. However, since the application of the workload proof mechanism in the Bitcoin network has attracted most of the computing power of computers around the world, it is difficult for other blockchain applications that want to try to use this mechanism to obtain the same scale of computing power to maintain their own security. At the same time, mining based on the proof-of-work mechanism also causes a lot of waste of resources, and the period required to reach consensus is also long, so this mechanism is not suitable for commercial applications.

In 2012, a netizen with the pseudonym Sunny King launched Peercoin. This encrypted electronic currency uses a proof-of-work mechanism to issue new coins and a proof-of-stake mechanism to maintain network security. This is the role of the proof-of-stake mechanism in encrypted electronic currency. first application in . Instead of requiring the certifier to perform a certain amount of computational work, Proof of Stake simply requires the certifier to provide ownership of a certain amount of cryptocurrency. The way the proof-of-stake mechanism works is that when a new block is created, the miner needs to create a "coin rights" transaction, which sends a number of coins to the miners themselves according to a preset ratio. The proof-of-stake mechanism reduces the mining difficulty of nodes in equal proportions based on the proportion and time of tokens owned by each node based on the algorithm, thus speeding up the search for random numbers. This consensus mechanism can shorten the time required to reach consensus, but essentially still requires nodes in the network to perform mining operations. Therefore, the PoS mechanism does not fundamentally solve the problem that the PoW mechanism is difficult to apply in the commercial field.

The share authorization certification mechanism is a new consensus mechanism to ensure network security. While trying to solve the problems of the traditional PoW mechanism and PoS mechanism, it can also offset the problems of centralization by implementing technological democracy.bring negative effects.

The share authorization certification mechanism is similar to board voting. This mechanism has a built-in real-time shareholder voting system, just like the system is convening a never-ending shareholders' meeting at any time, where all shareholders vote. determine company decisions. The decentralization of the blockchain established based on the DPoS mechanism relies on a certain number of representatives rather than all users. In such a blockchain, all nodes vote to elect a certain number of node representatives, who act on behalf of all nodes to confirm blocks and maintain the orderly operation of the system. At the same time, all nodes in the blockchain have the power to remove and appoint representatives at any time. If necessary, all nodes can vote to disqualify the current node representatives and re-elect new representatives to achieve real-time democracy.

The share authorization certification mechanism can greatly reduce the number of nodes participating in verification and accounting, thereby achieving second-level consensus verification. However, this consensus mechanism still cannot perfectly solve the application problems of blockchain in business, because this consensus mechanism cannot get rid of its dependence on tokens, and the existence of tokens is not required in many commercial applications.

The Pool verification pool is based on traditional distributed consistency technology and is supplemented by a data verification mechanism. It is a consensus mechanism widely used in current blockchains.

The Pool verification pool can work without relying on tokens. Based on mature distributed consensus algorithms (Pasox, Raft), it can achieve second-level consensus verification, which is more suitable for multi-party participation. Polycentric business model. However, the Pool verification pool also has some shortcomings. For example, the degree of distribution that the consensus mechanism can achieve is not as good as the PoW mechanism.

Here we mainly explain some algorithm principles of the blockchain workload proof mechanism and the Bitcoin network. How to prove your workload? I hope everyone can have a basic understanding of the consensus algorithm.

The main feature of the proof-of-work system is that the client has to do a certain amount of difficult work to get a result, and the verifier can easily use the results to check whether the client has done the corresponding work. A core feature of this scheme is asymmetry: the work is modest for the requester and easy to verify for the verifier. It differs from CAPTCHAs, which are easier to solve by humans rather than easier to solve by computers.

The figure below shows the workload proof process.

For example, give a basic character "hello, world!", the workload requirement we give is that you can add a nonce (random number) after this character creation Integer value, perform SHA-256 operation on the changed (nonce added) character creation, ifIf the obtained result (expressed in hexadecimal format) starts with "0000", the verification is passed. In order to achieve this proof-of-work goal, it is necessary to continuously increment the nonce value and perform a SHA-256 hash operation on the resulting character creation. According to this rule, it takes 4251 operations to find the hash with leading 4 zeros.

Through this example, we have a preliminary understanding of the proof-of-work mechanism. Some people may think that if proof of work is just such a process, then it is enough to remember that the nonce is 4521 so that the calculation can pass verification. Of course not, this is just an example.

Next we simply change the input to "Hello, World! + integer value". The integer value ranges from 1 to 1000, which means that the input is turned into an array of 1 to 1000: Hello, World !1;Hello,World!2;...;Hello,World!1000. Then perform the above proof of work on each input in the array in turn - find the hash with leading 4 zeros.

Due to the pseudo-random nature of the hash value, it is easy to calculate based on the relevant knowledge of probability theory. It is expected that it will take 2 to the 16th power of attempts to obtain a hash hash with four leading zeros. List. If you count the actual results of the 1,000 calculations just performed, you will find that the average number of calculations is 66,958, which is very close to 2 to the 16th power (65,536). In this example, the number of calculations expected by mathematics is actually the required "workload". Repeating the workload proof multiple times will be a probability event that conforms to statistical laws.

The actual number of calculations used to count the input characters and obtain the corresponding target result is as follows:

For any node in the Bitcoin network, if you want to generate a new block To join the blockchain, you must solve this puzzle of the Bitcoin network. The key elements of this question are the proof-of-work function, block and difficulty value. The workload proof function is the calculation method of this question, the block is the input data of this question, and the difficulty value determines the amount of calculation required to understand this question.

The proof-of-work function used in the Bitcoin network is the SHA-256 mentioned above. Blocks are actually generated in the proof-of-work process. Kuangong constantly constructs block data and checks whether each calculated result meets the required workload, thereby determining whether the block meets the network difficulty. The block header is the input data of the Bitcoin proof-of-work function.

The difficulty value is an important reference indicator for miners to mine. It determines how many hash operations it takes for miners to generate a legal block. The Bitcoin network generates a block approximately every 10 minutes. Under different network computing power conditions,The generation of new blocks basically maintains this speed, and the difficulty value must be adjusted according to changes in the computing power of the entire network. The general principle is to ensure that the network always generates a new block in 10 minutes, regardless of the mining power.

The adjustment of the difficulty value occurs independently and automatically in each complete node. Every 2016 blocks, all nodes will automatically adjust the difficulty value according to a unified format. This formula is based on the time spent in the latest 2016 blocks and the expected time (assuming a withdrawal is generated every 10 minutes, the expected time is 20160 minutes) and adjusted according to the ratio of actual duration to expected duration. That is, if blocks are generated faster than 10 minutes, increase the difficulty value; anyway, decrease the difficulty value. The formula is expressed as follows:

New difficulty value = old difficulty value * (20160 minutes/time spent in the past 2016 blocks).

Proof of work requires a target value. The calculation formula of the target value (Target) of Bitcoin's proof of work is as follows:

Target value = maximum target value/difficulty value, where the maximum target value is a constant value

The size of the target value is inversely proportional to the difficulty value. To achieve the Bitcoin workload proof, the block hash value calculated in the mine must be less than the target value.

We can also simply understand the process of Bitcoin workload as performing SHA-256 hash operation by constantly changing the block header (that is, trying different nonce values) and using it as input. Find a process that has a hash value in a specific format (that is, requires a certain number of leading 0s), and the more leading 0s required, the more difficult it becomes.

The steps of Bitcoin’s proof-of-work puzzle can be roughly summarized as follows:

The process can be represented by the following figure:

Bitcoin’s proof of work is the main work we commonly call “mining”. Understanding the workload proof mechanism will lay the foundation for us to further understand the consensus mechanism of the Bitcoin blockchain.

㈢ What consensus mechanisms are currently used in the blockchain and what are their respective advantages, disadvantages and scope of application

There are currently four main types of consensus mechanisms: Pow, Pos, DPos, and Pool
1. Pow workload proof is the familiar mining. Through AND or operation, a random number that meets the rules is calculated, that is, the accounting right is obtained, and the data that needs to be recorded in this round is sent to the entire network. Other nodes are verified and stored together;
Advantages: Completely decentralized, nodes can enter and exit freely;
Disadvantages: At present, Bitcoin has attracted most of the world’sComputing power, it is difficult for other blockchain applications that use the Pow consensus mechanism to obtain the same computing power to ensure their own security; mining causes a lot of waste of resources; the cycle to reach consensus is long and is not suitable for commercial applications

2. PoS equity proof, an upgraded consensus mechanism of POW; according to the proportion and time of tokens held by each node, the mining difficulty is reduced in an equal proportion, thereby speeding up the speed of finding random numbers.
Advantages: It shortens the time to reach consensus to a certain extent
Disadvantages: It still requires mining, which essentially does not solve the pain points of commercial applications

3. DPos share authorization certification mechanism , similar to board voting, currency holders vote for a certain number of nodes to perform verification and accounting on their behalf.
Advantages: Significantly reduce the number of nodes participating in verification and accounting, and can achieve second-level consensus verification
Disadvantages: The entire consensus mechanism still relies on tokens, and many commercial applications do not require the existence of tokens
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4. Pool verification pool, based on traditional distributed consistency technology, plus data verification mechanism; it is a consensus mechanism currently used in a wide range of industry chains
Advantages: No tokens are required It can work and achieve second-level consensus verification based on mature distributed consensus algorithms (Pasox, Raft);
Disadvantages: The degree of decentralization is not as good as bictoin; more suitable for multi-center business models with multi-party participation
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There are huge advantages in using the consensus mechanism to ensure data consistency (the consensus mechanism was first proposed by Ripple, a network transaction synchronization mechanism that prioritizes data correctness. In the consensus network, no matter how the software code changes, it cannot There is no way to enter the network without consensus, let alone a fork).
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PS: A little self-deprecating, although the consensus mechanism can definitely ensure that no hard fork will occur at any time. However, the disadvantage of this mechanism is also obvious, that is, it takes much longer to achieve consensus with other nodes than the current Bitcoin network. In extreme cases, the consequences of being disconnected in the Ripple consensus mechanism network are also terrifying.

It is possible that your home has a power outage for one day, and the entire system will no longer be able to achieve consensus with other Rippled nodes the next day (the consensus mechanism actually requires more than 80% of the nodes to recognize your data, your Submission will be accepted by other nodes, otherwise the connection will be exclusively refused), and even more than 500 GB of data can only be cleared and resynchronized to connect to other Ripple nodes.

So currently, the existing Rippled end is not suitable for civilian use (for commercial use, the impact is relatively small. For example, RL's own Rippled node is hosted in the Amazon cloud data center. If it does not respond for a long time, it will be very high. Amount of compensation is required, and that kind of place is almost never interrupted except for major disasters), which is also one of the aspects that RL has always wanted to improve.

㈣ Consensus mechanism of blockchain

The so-called "consensus mechanism" is to complete the verification and confirmation of transactions in a very short time through the voting of special nodes; For a transaction, if several nodes with unrelated interests can reach a consensus, we can think that the entire network can also reach a consensus on it. Beijing Muqi Mobile Technology Co., Ltd., a professional blockchain outsourcing development company, welcomes discussions for cooperation. Below we will look at several consensus mechanisms of blockchain, hoping to help everyone understand the basic technology of blockchain.

Due to the development of blockchain technology, everyone is no longer unfamiliar with the term consensus mechanism. With the development of technology, various innovative consensus mechanisms are also developing.

POW proof of work

Bitcoin uses the PoW proof of work mechanism, and later Ethereum used the PoW consensus mechanism. Pow is equivalent to calculating a difficult mathematical problem, which is to calculate the hash value of a new block, and the difficulty of the calculation will be adjusted every period of time. Although PoW is a consensus mechanism that is relatively recognized by everyone, calculations will consume a lot of energy and may pollute the environment.

POS Equity Proof

The probability of obtaining accounting rights is determined by the number and duration of holding Tokens. Compared with POW, POS avoids a large amount of resource waste caused by mining and shortens the time for each node to reach consensus. If the network environment is good, it can be achieved in milliseconds and has low requirements on node performance.

However, the shortcomings of POS are also obvious. Nodes holding more Tokens have a greater chance of obtaining accounting rights. This will lead to the "Matthew Effect", where the rich will get richer, destroying the decentralization of the blockchain. Centralization.

DPOS Proof of Equity

The principle of DPOS Delegated Proof of Equity is the same as that of POS. The main difference is that DPOS Token holders can vote to elect agents as super nodes, responsible for Produce blocks and maintain consensus rules on the network. If these nodes fail to perform their duties, new nodes will be voted in. The same disadvantage also tends to be centralized.

POA Proof of Authority

POA nodes can reach consensus without communication, so it is extremely efficient. And it can also resist computing power attacks very well and has high security. But POA requires a centralized authoritative node to verify identity, which means it will harm the decentralization of the blockchain, which is also a compromise between decentralization and improved efficiency.

㈤ Three common consensus mechanisms in blockchain

Blockchain is a distributed ledger system based on P2P network and participated by nodes. Its biggest feature is "decentralization" ". That is to say, in the blockchain system, users andThere is no need to establish trust between users, between users and institutions, or between institutions. Transactions can be realized simply by relying on the blockchain protocol system.

But how to ensure the accuracy, authority, and reliability of the ledger? Why do nodes on the blockchain network participate in accounting? What should I do if the node is fake? How to prevent the ledger from being tampered with? How to ensure data consistency between nodes? …These are the problems that blockchain needs to solve when establishing “decentralized” transactions, resulting in the consensus mechanism.

The so-called "consensus mechanism" is to complete the verification and confirmation of transactions in a very short time through the voting of special nodes; when there is a disagreement, without central control, several Nodes participate in decision-making to reach consensus, that is, how to establish a trust relationship between individuals who have no basis for trust in each other.

Blockchain technology uses a set of consensus-based mathematical algorithms to establish a "trust" network between machines, thereby creating new credit through technical endorsement rather than centralized credit institutions.

Different blockchain types require different consensus algorithms to ensure that the last block on the blockchain can reflect the status of the entire network at any time.

So far, the blockchain consensus mechanisms mainly include the following: POW workload proof, POS equity proof, DPOS authorized equity proof, Paxos, PBFT (Practical Byzantine Fault Tolerance Algorithm), dBFT, DAG ( Directed acyclic graph)

Next, we will mainly talk about the principles and application scenarios of common POW, POS, and DPOS consensus mechanisms

Concept:

Proof of work was originally an economic term, referring to the measurement method set up by the system to achieve a certain goal. A simple understanding is a certificate to confirm that you have done a certain amount of work, and to prove that the corresponding amount of work has been completed by certifying the results of the work.

The proof-of-work mechanism has the advantage of complete decentralization. In a blockchain with a proof-of-work mechanism as the consensus, nodes can enter and exit freely and calculate the numerical solution of the random hash. The ability to compete for accounting rights and obtain correct numerical solutions to generate blocks is a concrete manifestation of node computing power.

Applications:

The most famous application of POW is Bitcoin. In the Bitcoin network, during the Block generation process, miners need to solve complex cryptographic mathematical problems to find a Block Hash that meets the requirements, consisting of N leading zeros. The number of zeros depends on the difficulty value of the network. This period requires a lot of trial and error calculations (workload), and the calculation time depends on the hashing speed of the machine..

Finding a reasonable hash is a probabilistic event. When a node has n% of the computing power of the entire network, the node has an n/100 probability of finding the Block Hash. After the node successfully finds a satisfactory Hash value, it will immediately broadcast the packaged block to the entire network. The nodes in the network will verify it immediately after receiving the broadcast packaged block.

If the verification passes, it means that a node has successfully solved the puzzle, and it will no longer compete for the current block, but choose to accept the block, record it in its own ledger, and then proceed to the next block. Competitive guessing game of blocks. Only the fastest puzzle-solving block in the network will be added to the ledger, and other nodes will copy it, thus ensuring the uniqueness of the entire ledger.

If a node engages in any cheating behavior, it will cause the network node verification to fail and directly discard its packaged block. This block will not be recorded in the general ledger, and the cost of the cheating node will be It is all in vain. Therefore, under the huge mining cost, miners voluntarily comply with the consensus protocol of the Bitcoin system, thus ensuring the security of the entire system.

Advantages and Disadvantages

Advantages: The results can be verified quickly, the system bears a large number of nodes, and the cost of evil is high to ensure the conscious compliance of miners.

Disadvantages: It requires a large amount of algorithm consumption, and it takes a long time to reach consensus

Concept:

Proof of Stake mechanism (Proof of Stake), requirements A certifier provides ownership of a certain amount of cryptocurrency.

The way the proof-of-stake mechanism works is that when a new block is created, the miner needs to create a "coin rights" transaction, which will send some coins to the miners themselves according to a preset ratio. The proof-of-stake mechanism reduces the mining difficulty of nodes in equal proportions based on the proportion and time of tokens owned by each node based on the algorithm, thus speeding up the search for random numbers.

Application:

In 2012, a netizen with the pseudonym Sunny King launched Peercoin, which was the first application of the proof-of-stake mechanism in encrypted electronic currency. The biggest innovation of PPC is that its mining method mixes POW and POS methods, uses a proof-of-work mechanism to issue new coins, and uses a proof-of-stake mechanism to maintain network security.

In order to implement POS, Sunny King learned from Satoshi Nakamoto’s Coinbase and designed a special type of transaction called Coinstake.

The above picture shows the working principle of Coinstake. The currency age refers to the holding period of the currency. If you own 10 coins and hold them for 10 days, thenYou have collected 100 days of coin age. If you use these 10 coins, the coin age is consumed (destroyed).

Advantages and Disadvantages:

Advantages: Shortens the time required to reach consensus and is more energy-saving than proof of work.

Disadvantages: Essentially, nodes in the network are still required to perform mining operations, and the authenticity of transfers is difficult to guarantee

Concept:

Authorized equity certificate Mechanism (Delegated Proof of Stake) is similar to board voting. This mechanism has a built-in real-time shareholder voting system, just like the system is convening a never-ending shareholders' meeting at any time, where all shareholders vote to decide company decisions.

While trying to solve the problems of traditional PoW and PoS mechanisms, authorized proof of equity can also offset the negative effects of centralization by implementing technological democracy. The decentralization of the blockchain established based on the DPoS mechanism relies on a certain number of representatives rather than all users. In such a blockchain, all nodes vote to elect a certain number of node representatives, who act on behalf of all nodes to confirm blocks and maintain the orderly operation of the system.

At the same time, all nodes in the blockchain have the power to remove and appoint representatives at any time. If necessary, all nodes can vote to disqualify the current node representatives and re-elect new representatives to achieve real-time democracy.

Application:

Bitshare is a type of cryptocurrency that uses the DPOS mechanism. By introducing the concept of witnesses, witnesses can generate blocks, and everyone who holds BitShares can vote for witnesses. Candidates who get the top N (N is usually defined as 101) candidates in the total number of consent votes can be elected as witnesses. The number of elected witnesses (N) must meet: at least half of the participating voters believe that N has been fully decentralized. .

The candidate list of witnesses is updated every maintenance cycle (1 day). The witnesses are then randomly arranged, and each witness has 2 seconds of permission time to generate a block in order. If the witness cannot generate a block in a given time slice, the block generation permission is given to the witness corresponding to the next time slice. . This design of DPoS makes the generation of blocks faster and more energy-saving.

DPOS makes full use of the votes of shareholders to reach consensus in a fair and democratic way. The N witnesses they voted for can be regarded as N mining pools, and these N mining pools Each other's rights are completely equal. Shareholders can change these witnesses (mining pools) at any time by voting, as long as the computing power they provide is unstable, the computer is down, or they try to use their power to do evil.

Advantages and Disadvantages:

Advantages: Reduce the number of nodes participating in verification and accounting, thereby achieving second-level consensus verification

Disadvantages: Weak centrality, security Compared with POW, it is weaker. At the same time, the node agents are artificially selected, and the fairness is lower than POS. At the same time, the entire consensus mechanism still relies on the additional issuance of tokens to maintain the stability of the agent nodes.

㈥ What are the core blockchain technologies of blockchain technology?

What is the hottest Internet topic at the moment? You don’t need to tell me what the editor is saying, it is the blockchain. Blockchain technology, but many friends have only heard of this technology and do not have much in-depth understanding of it. So what are the blockchain technologies? Below we will bring you an introduction to the core technology of blockchain for your reference.
What are the core elements of blockchain technology?
Blockchain technology can be a public ledger (visible by anyone) or a permissioned network (visible only by those authorized), which solves supply chain challenges , because it is an immutable record that is shared among network participants and updated in real time.
Blockchain technology----data layer: designing the data structure of the ledger
Core technology 1. Block + chain:
Technically speaking, block is a data structure that records transactions. Reflects the flow of funds for a transaction. The blocks of transactions that have been reached in the system are connected together to form a main chain, and all nodes participating in the calculation record the main chain or part of the main chain.
Each block consists of a block header and a block body. The block body is only responsible for recording all transaction information in the previous period, mainly including the number of transactions and transaction details; the block header encapsulates the current version number, previous A block address, timestamp (recording the time when the block was generated, accurate to the second), random number (recording the value of decrypting the answer to the math question related to the block), the target hash value of the current block, and the Merkle number Root value and other information. From a structural point of view, most functions of the blockchain are implemented by the block header.
Core technology 2. Hash function:
The hash function can convert data of any length into a set of fixed-length codes through the Hash algorithm. The principle is based on a cryptographic one-way hash function. This kind of function is easy to verify, but difficult to crack. Usually, the industry uses y=hash(x) to represent it. This hash function implements operations on x to calculate a hash value y.
Commonly used hash algorithms include MD5, SHA-1, SHA-256, SHA-384 and SHA-512, etc. Taking the SHA256 algorithm as an example, inputting any string of data into SHA256 will result in a 256-bit Hash value (hash value). Its characteristics: the same data input will get the same result. As long as the input data changes slightly (for example, a 1 becomes a 0), a completely different result will be obtained, and the result cannot be predicted in advance. forward meterCalculation (calculating the corresponding Hash value from the data) is very easy. Reverse calculation (cracking) is extremely difficult and is considered impossible under current technological conditions.
Core technology 3. Merkle tree:
Merkle tree is a hash binary tree, which can be used to quickly verify the integrity of large-scale data. In the blockchain network, the Merkle tree is used to summarize all transaction information in a block, and ultimately generates a unified hash value of all transaction information in the block. Any change in transaction information in the block will cause Merkle tree changes.
Core technology 4. Asymmetric encryption algorithm:
Asymmetric encryption algorithm is a key secret method that requires two keys: public key and private key. The public key and the private key are a pair. If the public key is used to encrypt data, only the corresponding private key can be used to decrypt it, thereby obtaining the corresponding data value; if the private key is used to sign the data, then only the corresponding public key can be used to sign the data. In order to verify the signature, the sender of the verification information is the holder of the private key.
Because encryption and decryption use two different keys, this algorithm is called an asymmetric encryption algorithm, while symmetric encryption uses the same key in the encryption and decryption processes.
Blockchain technology----network layer: realize the decentralization of accounting nodes
Core technology 5. P2P network:
P2P network (peer-to-peer network), also known as point-to-point technology, is no Central server, Internet system that relies on user groups to exchange information. Unlike a centralized network system with a central server, each client in a peer-to-peer network acts as both a node and a server. Domestic Xunlei software uses P2P technology. The P2P network has the characteristics of decentralization and robustness.
Blockchain technology----Consensus layer: allocate the task load of accounting nodes
Core technology 6. Consensus mechanism:
Consensus mechanism is how to reach consensus among all accounting nodes to identify The validity of a record is both a means of identification and a means of preventing tampering. There are currently four main types of consensus mechanisms: PoW, PoS, DPoS and distributed consensus algorithms.
PoW (Proof of Work, proof of work): PoW mechanism, which is like Bitcoin’s mining mechanism, miners package existing transactions that have not been recorded by the network into a block, and then continue to traverse and try to find a random number , so that the hash value of the new block plus the random number meets certain difficulty conditions. Finding a random number that meets the conditions is equivalent to determining the latest block of the blockchain, and is also equivalent to obtaining the current round of accounting rights of the blockchain. Miners broadcast blocks that meet the mining difficulty conditions in the Yuanfu network. After verifying that the block meets the mining difficulty conditions and that the transaction data in the block meets the protocol specifications, other nodes in the entire network will each Blocks are linked to their own version of the blockchain, thereby forming a network-wide consensus on the current network state.
PoS (ProofofStake, Proof of Stake): PoS mechanism is a distributed consensus mechanism that requires nodes to provide proof of possession of a certain number of tokens to obtain competition for blockchain accounting rights. If you rely solely on the token balance to determine the bookkeeper, you will inevitably make the rich win, which will lead to the centralization of bookkeeping rights and reduce the fairness of the consensus. Therefore, different PoS mechanisms use different methods to increase the amount of money based on the proof of equity. The randomness of accounting rights avoids centralization. For example, in the PeerCoin PoS mechanism, the Bitcoin with the longest chain age has a greater chance of obtaining accounting rights. NXT and Blackcoin use a formula to predict the next accounting node. The more tokens you own, the greater the probability of being selected as an accounting node. In the future, Ethereum will also switch from the current PoW mechanism to a PoS mechanism. Judging from the information currently available, Ethereum's PoS mechanism will use nodes to place bets on the next block. The winner of the bet will receive an additional Ethereum currency award. Those who do not win will be deducted Ether coins to reach consensus on the next block.
DPoS (DelegatedProof-Of-Stake, share authorization certificate): DPoS is easy to understand and is similar to the modern corporate board of directors system. The DPoS mechanism adopted by BitShares is that shareholders vote to select a certain number of witnesses. Each witness has two seconds of authority to generate blocks in order. If the witness cannot generate a block within the given time slice, The block generation authority is given to the witness corresponding to the next time slice. Shareholders can replace these witnesses at any time by voting. This design of DPoS makes the generation of blocks faster and more energy-saving.
Distributed Consistency Algorithm: Distributed Consistency Algorithm is based on traditional distributed consistency technology. Among them are Byzantine fault-tolerant algorithms that solve the Byzantine Generals problem, such as PBFT (Byzantine fault-tolerant algorithm). In addition, distributed consensus algorithms (Pasox, Raft) that solve non-Byzantine problems are not explained in this article. This type of algorithm is currently a commonly used consensus mechanism in alliance chain and private chain scenarios.
Taken together, POW is suitable for public chains. If you build a private chain, it is more suitable to use POS because there is no trust problem in verification nodes; and because there are untrustworthy local nodes in the alliance chain, it is more suitable to use DPOS.
Blockchain technology----Incentive layer: Develop a "salary system" for accounting nodes
Core technology 7. Issuance mechanism and incentive mechanism:
Take Bitcoin as an example. Bitcoins are initially rewarded by the system to miners who create new blocks, and this reward is halved approximately every four years. At the beginning, miners were rewarded with 50 Bitcoins for each new block recorded, and this reward is halved approximately every four years. By analogy, by around AD 2140, newly created blocks will no longer receive rewards from the system. By then, the total number of Bitcoins will be approximately 21 million. This is the total number of Bitcoins, so it will not increase indefinitely.
Another source of incentives is transaction fees. When there is no system reward for newly created blocks, the miner's income will change from system reward to transaction fee.. For example, when you transfer, you can specify 1% of it as a handling fee to be paid to the miner who records the block. If the output value of a transaction is less than the input value, the difference is the transaction fee, which will be added to the incentive for that block. As long as a given amount of electronic currency has entered circulation, the incentive mechanism can gradually be converted to rely entirely on transaction fees, so there is no need to issue new currency.
Blockchain technology----Contract layer: giving the ledger programmable features
Core technology 8. Smart contract:
Smart contract is a set of programmed rules and logic that respond to scenarios. Implemented by decentralized, trusted shared script code deployed on the blockchain. Normally, after the smart contract is signed by all parties, it is attached to the blockchain data in the form of program code, and is recorded in a specific block of the blockchain after being propagated through the P2P network and verified by nodes. Smart contracts encapsulate a number of predefined states and transition rules, scenarios that trigger contract execution, response actions under specific scenarios, etc. The blockchain can monitor the status of smart contracts in real time, and activate and execute the contract by checking external data sources and confirming that specific trigger conditions are met.
The above is what blockchain technologies the editor has brought to you? All content introduced to the core technology of blockchain.

㈦ What are the application examples of blockchain technology?

Application of blockchain technology in voting
Kuaishang is the first country to apply blockchain technology to In the field of voting, it effectively solves the problem of trust in voting data, provides the most authentic and effective data to activists, and protects the rights and interests of real voting users. At the same time, it makes blockchain technology "people-friendly" and allows the general public to quickly perceive and enjoy the area in the field of life services. The convenience brought by blockchain technology.
The application of blockchain technology in digital asset registration
The Golden Master Digital Asset Service Platform is the first to use blockchain technology. This technology is a global distributed ledger technology that is traceable and non-transitory. Tamper-proof and unforgeable properties. The digital assets of the platform come from regulated digital asset issuers, and the value of the assets is determined through the open market to avoid overestimation or underestimation of value.
The application of blockchain technology in the financial industry
Ant Financial’s independently controllable financial-grade commercial blockchain platform has been deployed globally in multiple institutions and countries in multiple social and commercial application scenarios. Ant Blockchain Chain platform transactions support second-level confirmation, and the consensus mechanism uses an efficient parallel consensus algorithm to ensure the high performance of the blockchain platform. Ant Blockchain has already had multiple production-level applications, applying leading technology to people's livelihood and business. , finance and other fields.

㈧ How to understand the consensus mechanism in the blockchain

The so-called consensus simply means that everyone has reached an agreement.

In the blockchain, it is actually a rule. Each node confirms its own data according to this rule, and finally maintains the consistency of the database of the entire network.

If we take an example from life, such as today’s companyThere is a meeting, but since the boss is not here, everyone needs to discuss and decide whether to do a project or not.

In such a leaderless environment?

㈨ 10 cases in which blockchain has changed existing business

This article introduces the current 10 main usage scenarios of blockchain:

(1) Tracking products in the global supply chain;

This is a typical usage scenario of blockchain technology in security traceability. It can promote information tracking, query, verification and anti-counterfeiting of commodity circulation, and can significantly improve the efficiency of some links. . However, the role of the blockchain can only be reflected in the chain, but it cannot cover the parts operated by people below the chain.

(2) Guarantee 3D printing quality and tracking;

(3) Create personalized and lifelong “one-stop” medical records;

Blockchain healthcare can track anyone’s complete medical history, such as medications , illnesses, injuries, and transactions across health systems, physicians, pharmacies, and health plans, and empowering patients to control their own data. Blockchain can also transfer insurance payments: smart contracts can automatically trigger insurance provisions when a clinic confirms a patient has received treatment, and prevent fraudulent or inaccurate claims. Some startups, such as the UK's Medicalchain, blockchain company Gem, MIT and other companies and universities are experimenting with this use.

(4) Simplify trade logistics;

Traditional trade involves complex import and export procedures, and all participants in the entire chain require a large number of paper documents to interact, resulting in high communication costs. Blockchain can optimize this system. Maersk and IBM have created a platform that integrates services such as liner, warehouse, freight forwarding, ports, customs, exporters, importers and trade finance banks into the trade ecosystem, on a data exchange platform running on the blockchain interoperate.

(5) Facilitate and secure customs trade;

Blockchain has been tested in many customs departments, including the United Kingdom, South Korea, Singapore, Costa Rica, Mexico, Peru and the 15-nation East African Group. In 2017, U.S. Customs developed 14 use cases for blockchain, which are currently being tested and evaluated. Blockchain will be particularly useful for the UK: when the UK leaves the EU customs union, its number of customs declarations will increase from 55 million to over 250 million (non-EU trade plus EU trade, which previously did not require customs documents), which is currently the case with UK software The program cannot fully handle it. Blockchain can help: It can trace the origins of products and help determine the origin and appropriate tariffs for goods, such as those destined to join the European Union’s tariff package. For the UK’s 28 border agencies, imported products such as food, safety and intellectual property compliance need to be analyzed, and blockchain projects can be shared securely and transparently in real time.

(6) Prevent voting fraud and protect voter identities;

Blockchain security and identity protection features can reduce fraud and encourage voters to believe their votes are anonymous,

increase turnout and make elections more immediate . Using this technology, voters can use their smartphones to scan theirthumb, then vote on the Election Day commute. If everyone votes via the blockchain, no one can vote twice. Voting records are inviolable, and the ID of each ballot is recorded instantly at every polling location.

(7) Launch crop insurance for farmers;

Crop insurance customized to specific farmer needs is often very expensive, and blockchain technology can reduce costs by determining trigger conditions and automating execution. For example, farmers can insure against extreme weather. If extreme weather affects a harvest, a blockchain-based insurance contract would immediately recognize this and pay the farmer’s claim.

Establishing a network of energy producers and users;

Decades ago, some companies introduced smart grids to provide intermediary services for energy producers and demanders. Now, blockchain can optimize smart grids and provide energy producers and consumers with a regional intermediary energy trading platform. TenneT and Brooklyn-based startup LO3 Energy are both trying this business.

(9) Create smart cities that can operate independently;

Blockchain can now amplify the impact of Douyou IoT on city operations. For example, Dubai has a pilot project to implement blockchain in city services. Dubai plans to use blockchain for more than 100 million annual government documents by 2020, including all visa applications, bill payments and license renewals.

(10) Automatic payment to the exporter when the goods arrive at the foreign buyer;

Blockchain changes the information asymmetry in existing international trade by allowing both parties to the transaction to access the same data and real-time digital files question. There is no need to store multiple copies of the same document across different databases for different entities. When goods arrive marked by sensors connected to the smart contract, a transfer of money from the buyer to the seller is automatically triggered.

2. Ten major problems currently faced by the blockchain industry and their analysis

2.1. Is the data on the blockchain really immutable?

Can one of the core features of blockchain, "anti-tampering", really be realized? And is "tamper-proof" really beneficial?

The report pointed out that the blockchain is not completely immutable and gave three weaknesses of the blockchain:

(2) It may be hacked, and 51% of the chain is controlled by people who want to tamper with the results.

(3) The "garbage of garbage" problem has existed for centuries. The value of a blockchain depends on the data on the chain, and data entered into the blockchain may be inaccurate or fraudulent. One solution is to use sensors instead of manually entering data.

The so-called "51% attack" is to take advantage of computing power to cancel payment transactions that have already occurred. If someone masters more than 50% of the computing power, he can find the random numbers needed to mine the block faster than others, so he actually has the absolute and effective right to decide which block. From a technical level, a 51% attack is achievable, but the cost is very high for the earliest cryptocurrencies such as BTC. They have built a huge network, which is why BTC’s network has remained stable for 10 years. reason. But for other counterfeit coinsSaid the risk is greater.

In addition, there is no direct benefit for the attacker to simply launch a 51% attack, and it must be linked to specific short selling and false recharge. Specifically, it is often a double spend on a certain transaction. The attacker stops attacking once. Continuous attacks are costly and will stop once successful; second, the community can issue an emergency pudding and add checkpoints to the blockchain. The community urgently agreed that the attacker’s blockchain was invalid. Therefore, there are many ways to deal with the 51% attack, and it will not be the end of the world for a blockchain.

2.2. Who owns and maintains the blockchain? And who asked about the appearance?

Responsible for problems and losses?

Since the blockchain is a decentralized user community, who will maintain it? Shouldn’t it require human adjustment and maintenance just like a website?

For permissioned chains, such as alliance chains and private chains, there is no need for incentives such as tokens to motivate people to manage, there is a manager who manages the entire network. Since there are fewer users in the network, coordination costs are relatively low. However, such networks are susceptible to security challenges, and as the number of network users increases, coordination costs will increase.

For consortium chains and private chains, since they are still very centralized organizations, the verification nodes are identified by the organization itself, so the management model is not very different from traditional centralized institutions. However, for public chains, there is no leader who coordinates the entire network system, and only relies on token incentives to coordinate different interest groups, which undoubtedly increases the instability of the entire ecosystem. At present, the development of the blockchain industry is in a very early stage. In addition to the relatively mature decentralized governance of BTC, in the governance of public chains such as ETH and EOS, the founder development team plays a very core role and is the "rules" of the public chain. "Maker", although the entire ecosystem has achieved partial decentralization, the founders still play a pivotal role in the direction of strategic development. Therefore, the author believes that the decentralization of blockchain can only be an ultimate goal that is constantly approaching. From the birth of the project to its maturity, its degree of decentralization should continue to increase, as shown in the figure below. In the early stages of project development, the founder and his development team play an absolute guiding role in the entire ecosystem. As the project ecosystem matures and the number of participants continues to increase, the original development team should gradually weaken its guiding role. The entire network maintenance needs to be decided jointly by all developers and users in the ecosystem. As for the final network problems, they can only be borne by all participants.

Figure: Schematic diagram of the relationship between the degree of centralization and development stages of blockchain projects

2.3. Are smart contracts really smart?

The second reason why smart contracts are not yet that smart is that their entries can be manipulated by evil actors, such as contracting parties or miners who add transaction records to the blockchain's ledger of past transactions. One study showed that 3.4% of ETH smart contracts are vulnerable to hackers.

Smart contracts can indeed optimize many intermediate programs, but judging from current industry practice, they are far from being called smart. A qualified smart contract should include all possible scenarios. Because of wisdomThe core essence of the contract is "even in the darkest environment, we must make the most just decision."

The difference between Ethereum and Bitcoin is that Ethereum is Turing complete, and more types of contracts with more complex terms can be implemented through this platform. Of course, the cost of this is that the complex contract content makes it becomes more difficult to analyze. Typically, complexity is directly proportional to the probability of a vulnerability; the higher the complexity, the greater the probability of a vulnerability.

Regarding the concept "code is law" proposed by Ethereum, however, the code has attracted hacker attacks due to its own vulnerabilities, so it is not enough to form the authority of "law". Therefore, it needs the trust and endorsement of the government, lawyers, courts and other intermediary institutions. Compared with coordination, the current contract seems too rough.

2.4. Is there identity theft on the blockchain?

3% of social media accounts are fake, so can fake accounts be created on the blockchain? Can identities on the blockchain be stolen?

Blockchain can create a personal database for users whose data cannot be tampered with, but how to meet the user's "tampering" needs? This may be a paradox in the development of blockchain technology. Regarding user needs, we may need to start from the perspective of on-chain standards and authority management.

2.5. Can blockchains be connected to each other?

One blockchain records the data of an entity or user in one way, while another blockchain records the same data of the same entity or user in another way. In a fragmented system, multiple account books are not connected to each other, which will form a world of "operational islands", or "data islands". Users need to register for multiple systems at the same time to conduct transactions with different people for different purposes.

In view of the value transfer needs of different chains, cross-chain technology is the key, which can effectively connect different alliance chains or private chains, and promote the outward expansion and connection of blockchains. The current mainstream cross-chain technologies include Notary schemes, Sidechains/relays, Hash-locking, Distributed private key control, etc.

2.6. How does the blockchain connect to off-chain databases?

If one party's data and documents are off-chain, and the other party's data and documents are on-chain, can the two parties interact? In the company's database, can half of the company's data on the blockchain interact with the other half of the data?

These challenges are well known and are being addressed. For example, the same queries and analysis can be run in on-chain and off-chain databases. The risk is that data brought from on-chain to off-chain is no longer immutable, and researchers recognize that data security and aggregating, transforming and optimizing on-chain and off-chain data sets are significant challenges.

2.7. Can blockchain facilitate money laundering?

Money laundering is a huge global problem, amounting to US$1-2 trillion, accounting for approximately 1% of the total global GDP.2% - 5%. Banks and authorities are fighting back, spending about $8 billion a year to combat corruption. Banks around the world require KYC verification.

Due to the anonymous nature of the blockchain, especially the emergence of anonymous coins, BTC has been criticized by many people as a tool for money laundering. However, the anonymity of BTC is only anonymity on the chain. The interaction between people and the chain, and the interaction between BTC and legal currency will leave traces. It is not as "lawless" as many media have promoted. Each BTC transaction requires the transfer of a corresponding address, and the transaction records of the address can be queried. In addition, the exchange of BTC and legal currency is conducted off-chain and cannot escape supervision. If the actual identity of any party in the transaction is exposed, it will be difficult for all participants in the transaction to escape recourse.

2.8. Will the blockchain consume all the energy in the world?

BTC has an amazing energy demand. Operating Bitcoin for one year requires the energy consumption of Ireland for one year. Because BTC’s POW consensus mechanism requires miners to mine for transaction verification. There are concerns that as the network increases and the value of BTC rises, energy demand will grow rapidly. In fact, miners themselves have incentives to prevent this from happening, and the scalability of the blockchain is limited by availability, energy costs, and the miners' own financial resources. The current alternative is the POS consensus mechanism. The POS mechanism selects validators based on the number of currency holders.

In fact, it can be seen that except for the early batch of cryptocurrencies headed by BTC, the vast majority of current blockchain projects have taken into account the disadvantages of POW and are constantly innovating consensus mechanisms to avoid excessive consumption of energy. Therefore, blockchain is not enough to cause such a huge consumption of energy.

2.9. Will blockchain take our jobs?

Regarding blockchain, if people can trade directly with each other, what impact will blockchain have on intermediaries such as banks and lawyers? Blockchain is unlikely to be a job killer; it will, like any technology, change the nature of work by changing companies’ business and revenue models.

When artificial intelligence becomes popular, people will continue to ask questions like this. On the one hand, we enjoy the convenience that technology brings us, but on the other hand, we are worried that technology will replace us. The biggest challenge of blockchain is not the technology itself, but changing the traditional profit distribution model. Blockchain technology can remove certain intermediary links, break the monopoly of many resources by centralized institutions, and thus change the interest pattern. This is also the most revolutionary point of blockchain.

2.10． Is the United States lagging behind in the development of the blockchain industry?

Globally, the blockchain industry in the United States is still in its infancy. Deloitte surveyed 1,053 executives in financial services, healthcare, technology industries, telecommunications, manufacturing and other industries in 2018. According to the survey, only 14% of American respondents believe that blockchain is used in their production, compared with 49% in China, 48% in Mexico, 40% in the United Kingdom, and 36% in Canada. Planning is also lagging: 41% of U.S. companies plan85% of those investing $1 million or more in blockchain are in China, 74% in Canada, 72% in the UK, and 65% in Mexico.

According to the "Blockchain China-U.S. Development White Paper" released by Silicon Valley Insight, North America is comparable to Asia in terms of the number of ICOs. In terms of financing amount, North America is far ahead with 7.85 billion. Therefore, the United States, as a major country in North America, is not lagging behind at all. On the contrary, it is still leading in many aspects.

《Harnessing Blockchain for American Business and Prosperity》

http://forex.hexun.com/2018-06-17/193222543.html

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Introduction to Tianjige: Tianjige (LD Research) was established on July 2, 2018. It is a company dedicated to exploring the unknown of science and technology, taking human development as the driving force, and taking "BASE Research for Solving Real" Problems" as the purpose of the research institute.

This article comes from Babbitt

Related questions and answers: What are the uses of blockchain technology in the business field?

What are the uses of blockchain technology in the business field?

In recent years, due to the virtual digital With currency speculation booming, blockchain, as its underlying technology, has also begun to receive widespread attention. Blockchain has the characteristics of decentralization, trustlessness, collective maintenance, and reliable storage. It is currently widely used in the field of virtual currency.

Since the birth of Bitcoin, more than 1,600 virtual currencies have appeared in the world, and a huge industrial chain ecosystem has been formed around the generation, storage, and trading of virtual currencies. But overall, the industry is still in its infancy and is still far away from the real value use area. The core of the blockchain economy lies in the reconstruction of business logic and organizational forms, so it is necessary to obtain practical examples in multiple industries to demonstrate its value. This article will explore the business models used by blockchain in various industries from the perspective of combining blockchain with industry needs.

First of all, the core of blockchain is to solve the problem of credit:

Credit is the foundation of all commercial activities and finance. The United States has implemented trusted identification since 2011, while China has implemented a real-name system to achieve supervised information dissemination. The significance of blockchain is that it has established decentralized trust from a technical level for the first time and realized a completely distributed credit system.

Secondly, blockchain solves the problem of value exchange:

Traditional networks can achieve point-to-point transmission of information, but cannot achieve point-to-point transmission of value. Because information is allowed to be copied, and value must be authentic and unique, it is necessary to rely on a centralized organization to achieve value transfer. Blockchain perfectly solves this problem and provides a price realizationThe method of value transfer from point to point, in the process of value transfer, the network realizes the accounting instead of relying on a centralized organization. Therefore, blockchain is expected to become the infrastructure for building new finance and the cornerstone of the future value Internet.

The use of blockchain

There are currently two main modes of blockchain use:

1) Native blockchain use: directly based on decentralized blockchain technology to realize value Transfer and transaction use, such as digital currency;

2) "Blockchain+" model: combine traditional scenarios with the underlying protocol of the blockchain to improve efficiency and reduce costs. It is expected that the use of blockchain in various industries will be dominated by the second model.

Blockchain has five core attributes, namely: transaction attributes (value attributes), certificate attributes, trust attributes, intelligence attributes, and traceability attributes. The above core attributes are combined with the needs of the industry to solve the industry's pain points and become the business model used by blockchain in various industries.

Blockchain + Bank

1. Cross-border payment

Cross-border payment is a pain point that has long plagued the banking industry. Traditional cross-border payment methods include two major categories: one is online payment, including electronic account payment and international credit card payment, which is suitable for small retail amounts; the other is the bank remittance model, which is suitable for large-amount transactions; both have payment cycles Long, high fees, low transaction transparency and other issues. Especially in recent years, with the rise of cross-border e-commerce, convenient, fast, safe and low-cost cross-border payment has become an urgent need for the industry.

The role of blockchain:

The characteristics of blockchain are deintermediation and open and transparent transactions. There is no third-party payment institution to join, which shortens the payment cycle, reduces fees, and increases transaction transparency. For example, in December 2017, China Merchants Bank teamed up with Wing Lung Bank and Wing Lung Shenzhen Branch to successfully implement cross-border RMB remittances between the three parties using blockchain technology. Its clearing process is safe, efficient and fast, greatly improving customer experience.

2. Supply chain finance

The pain points in this field are the long financing cycle and high costs. Centered on the core enterprise system of the supply chain, it is difficult for third-party credit enhancement institutions to authenticate the authenticity of various relevant vouchers in the supply chain, resulting in long manual review times and high financing costs.

The role of blockchain:

Blockchain introduces consensus mechanism, existence proof, non-tampering, traceability and other features into supply chain finance, and does not require third-party credit enhancement agencies to authenticate various relevant credentials in the supply chain. authenticity, thereby reducing financing costs and shortening the financing cycle. For example, in April 2017, the listed company Yijian and IBM China Research jointly launched the blockchain supply chain financial service system "Yijian Block". The system focuses on pharmaceutical scenarios and currently has more than 30 pharmaceutical distribution companies. Successfully registered in the "Yijian Block", as of the end of July, the number of transactions had been close to 8,000, and the total investment amount exceeded 100 million yuan.

3. Digital Bills

The pain point of the digital bill industry lies in the long-term problems of "false bills" and "one vote selling many", which have brought risks to the bill financing business of the banking industry.

The role of blockchain:

The existence proof and non-tampering characteristics of the blockchain effectively solve the problem of false digital bills; at the same time, the blockchain solves the double-spend problem and avoids "one ticket selling more than one". For example, Shenzhen Blockchain Financial Services Co., Ltd. issues bill chain products to provide bill financing services based on blockchain to solve the bill financing needs of small, medium and micro enterprises. Cooperative banks include Ganzhou Bank, Guiyang Bank, Suzhou Bank, Shizuishan Bank, Langfang Bank, Wuhai Bank, Jilin Jiutai Rural Commercial Bank, Yaodu Rural Commercial Bank, Shenzhen Rural Industrial Bank, Weifang Bank, Zhongyuan Bank, etc. In addition, Zheshang Bank, JD Finance, Hang Seng Electronics, HNA, etc. are also verifying blockchain digital bill services.

Blockchain + Securities

1. Asset Securitization

Asset securitization uses future income as a guarantee to obtain current financing. The pain points in this field are: there are many participating entities, many operating links, low transaction transparency, information asymmetry, and the authenticity of the underlying assets cannot be guaranteed.

The role of blockchain:

Blockchain introduces attributes such as existence proof, non-tamperability, and consensus mechanism for asset securitization. It can monitor the true situation of assets in real time and solve the problem of the underlying issues of institutions in the transaction chain. Asset trust issues. Various assets such as equity, bonds, bills, income certificates, warehouse receipts, etc. can be integrated into the blockchain and become digital assets on the chain, improving asset circulation efficiency and reducing costs. For example, in May 2017, Internet Finance and partners including Baiqian Leasing and Huaneng Trust jointly issued an asset securitization ABS project supported by blockchain technology, with an issuance scale of 424 million yuan.

Blockchain + Insurance

1. Insurance Business

The insurance industry has problems such as information asymmetry and lack of trust between customers and insurance institutions: it is difficult for users to choose insurance products that suit them, while insurance institutions Face the risk of insurance fraud.

The role of blockchain:

The decentralized, open, transparent, and traceable characteristics of blockchain establish a good communication channel between insurance institutions and users; insurance subject information is managed uniformly on the blockchain , cannot be tampered with, helping insurance institutions avoid the risk of insurance fraud; at the same time, smart contracts can improve work efficiency and reduce costs. For example, French insurance giant AXA is using the Ethereum public blockchain to provide automated flight delay compensation for air travelers. If the flight is delayed for more than 2 hours, the "smart contract" insurance product will automatically pay claims to passengers.

2. Credit information management

The pain point in this field is that credit information agencies have limited data collection channels and a lack of data sharing, which makes it difficult to accurately characterize the credit status of individuals or institutions; in addition, there are also problems in how to guarantee the data collection process. User privacy issues.

The role of blockchain:

Blockchain has the characteristics of trustlessness, consensus, and non-tampering. At the technical level, it ensures that limited and controllable credit data sharing can be achieved on the basis of effectively protecting user privacy. And verification. For example, Ping An’s blockchain credit reporting business is now online. In addition, domestic startups such as Shanghai Juzhen and LinkEye, Bubi Blockchain, etc. are also exploring aspects such as joint credit reporting and safe certificate storage.

As a basic technology, blockchain has great use value in many industries with distributed processing, peer-to-peer transactions, and rapid establishment of trust relationships. Its core is to solve the problem of credit and realize Point-to-point delivery of value. Therefore, it is considered to be the cornerstone of the future value Internet.

The core of the blockchain business model is to use the innovative attributes introduced by the blockchain and combine it with traditional industry uses to realize the reconstruction of business logic in order to create new usage scenarios, or improve efficiency and reduce costs.

It is expected that the use of blockchain will first start in the pan-financial field that has high requirements for credit, efficiency, and security: the financial industry pays more attention to efficiency and security, and blockchain has a high degree of matching with its pain points, and can be used for Systematically solve trust issues, efficiency issues, default risks, etc. that exist in all aspects of financial services; blockchain’s attributes such as “transaction, certificate storage, and traceability” are more likely to generate value in the financial industry. At the same time, the market space in the financial industry is huge, and small progress can bring huge benefits.

Blockchain will also extend to all areas of social life: Blockchain solves problems such as the management, transaction, and transfer of digital assets, and therefore will play an important role in the wave of asset digitization, such as supply chain management, data Applications such as services, asset management, public services, and the Internet of Things are gradually being implemented in various fields, and "blockchain+" is becoming a reality.